Established in wake of Libor scandal, chair will be Andrew Tyrie MP, also chair of the Treasury select committee

In the wake of the Libor scandal, a parliamentary commission on banking standards was set up on Tuesday, to be led by Andrew Tyrie, who also chairs the Treasury select committee (TSC). He said: “Recent scandals have shown how much we need higher standards in banking … perpetrators of wrongdoing should be held fully accountable.”

The other commission members are:

Mark Garnier MP: Tory former investment banker and member of TSC

Baroness Kramer: Lib Dem one-time London mayoral candidate who used to be a banker in Chicago

Lord Lawson: Former Tory chancellor

Andy Love MP: Labour TSC member and former small businessman

Pat McFadden MP: Labour MP who was a speechwriter for John Smith and political secretary to Tony Blair

Lord McFall: Labour ex-teacher who was the chairman of TSC at the time of the banking crisis

John Thurso MP: A Lib Dem, Eton-educated ex-hotel manager; as 3rd Viscount Thurso was once in the House of Lords

Lord Turnbull: Former civil service chief, now a director of the Prudential

The Rt Rev Justin Welby, the Bishop of Durham: Eton-educated former oil executive, who later studied theology, becoming a curate in 1992